Thai oil and gas group PTT Exploration and Production (PTTEP, part of the PTT group) has announced new investments in Thailand, Malaysia and Myanmar.
In Thailand, the group will bid to extend two concessions, for the Erawan gas field (concession expiring in 2022) and for the Bongkot gas field (concession expiring in 2023). The company is the operator of Bongkot, with a 44.445% interest, in partnership with Total (33.333%) and holds a stake in the Chevron-operated field. The Erawan and Bongkot fields jointly produce 62 mcm/d (23 bcm/year) of gas, accounting for ore than 3/4 of gas production in the Gulf of Thailand. The Thailand military government will hold an auction in 2017 to select the fields' new operators. Bids should be opened in 2017 and the auction should be completed in 2018. If the auction fails to attract bidders, the government will negotiate extensions with the existing holders of the concessions (Chevron and PTTEP will be allowed to bid in the auction).
In addition, PTTEP will invest in Malaysia and Myanmar (no precisions on amounts, projects and timelines). The group, which is sued by the Indonesian government for alleged damaged from an oil spill in 2009, will suspend investments in this country.
PTT, PTTEP's parent company, plans to launch an initial public offering (IPO) for its PTT Oil and Retail (PTTOR) subsidiary in 2018. PTT will retain less than 50% in the company, which oversees service stations, petroleum products and lubricants.